Cable One has named Todd Koetje as its new chief financial officer, replacing Steve Cochran who will step down after four years on June 30.

Koetje is currently senior VP, business development and finance at Cable One, joining the company in September after serving as managing director and group head of the Technology, Media and Telecommunications Leveraged Finance team at Truist Securities. 

Cochran joined Cable One in 2018 after serving as CEO of overbuilder WideOpenWest. He will continue to serve as Cable One CFO through June, transitioning to senior VP in July, after which he will serve as a consultant to Cable One through early January 2023. Koetje and Cochran will continue to work together closely through the planned transition. 

“I am excited to welcome Todd to his new role with Cable One and look forward to partnering with him. His extensive financial experience and background in the telecom industry, as well as his deep understanding of our business will be invaluable as we continue to execute on our long-term strategy of delivering exceptional growth and strong operating results,” Cable One CEO Julie Laulis said in a press release. “On behalf of our board of directors and all Cable One associates, I thank Steven for his exceptional contributions to the Company. In his four years as CFO, he created tremendous value for our company and shareholders, optimizing our portfolio and positioning Cable One for the future.”

Comcast said Tuesday that Jason Armstrong has been promoted to deputy chief financial officer while also retaining his responsibilities as executive VP and treasurer. Armstrong will continue to report to company CFO Michael Cavanagh.

In a memo to employees Tuesday, Cavanagh said Armstrong will work with him and partner with the corporate finance and management teams at Comcast Cable, NBCUniversal and Sky to help drive strategy. Armstrong will continue to oversee Comcast’s corporate treasury functions and manage key initiatives and identify opportunities to collaborate across businesses. 

Armstrong has been with Comcast for nearly a decade, joining the company in 2014 as head of investor relations, after 14 years as a top equity analyst at Goldman Sachs covering the TMT space. He was named CFO of Sky in 2020, but returned to Comcast’s Philadelphia headquarters later that year as executive VP and treasurer, after his and his family’s full relocation to Sky’s U.K. offices was unexpectedly complicated by the COVID-19 pandemic. 

“Jason is perfectly suited for this new role and I’m looking forward to working with him for years to come,” Cavanagh said in the memo. ”He has earned the respect of several generations of leaders at Comcast, and his experience and insights about our company, competition, and industry cannot be overstated. I have every confidence in Jason and believe that this new position will help create tremendous value for our continued growth.”

The full text of Cavanagh’s memo is here:

I am pleased to announce that Jason Armstrong has been promoted to Deputy Chief Financial Officer of Comcast Corporation. Jason will work with me and partner with corporate finance and the management teams at Comcast Cable, NBCUniversal, and Sky to help lead our finance organization and drive our strategy. He will continue to oversee Treasury, manage key initiatives, and identify opportunities to further collaborate across our businesses.   

Jason’s contributions to Comcast are significant.  He has been a trusted partner and advisor to senior leadership for nearly a decade.  In that time, his roles have included head of Investor Relations and Treasurer for Comcast Corporation, and Chief Financial Officer for Sky.  He joined Comcast in 2014 after a remarkable career as a leading analyst covering technology, media, and telecommunications at Goldman Sachs.   

Jason is perfectly suited for this new role and I’m looking forward to working with him for years to come.  He has earned the respect of several generations of leaders at Comcast, and his experience and insights about our company, competition, and industry cannot be overstated. I have every confidence in Jason and believe that this new position will help create tremendous value for our continued growth.  

Please join me in congratulating Jason! 

Mike  ■

Nexstar Media Group said it named Lee Ann Gliha as executive VP and CFO, effective Aug. 9.

Gliha most recently had been managing director at Jefferies LLC, where she oversaw transactions worth more than $90 billion mostly in the tech, media and telecommunication sector.

Gliha takes over as CFO from Thomas E. Carter, who became president and COO in October. Carter had been CFO since 2009.

“Lee Ann is an accomplished finance leader who understands the rapidly evolving media ecosystem and brings extensive industry relationships to her new role at Nexstar,” said Carter. “This background will be invaluable to Nexstar’s senior management team, Board of Directors, and our experienced finance team, and will be instrumental in advancing our strategic objectives with the goal of further enhancing shareholder value.”

Also Read: Nexstar Sues Comcast Over WPIX Retransmission Fees

Analyst Steven Cahall of Wells Fargo thought that bringing in Gliha could mark the beginning of a larger executive transition at Nexstar.

Also Read: Nexstar Names Courtney Williams to Chief Diversity Officer Post

“We think investors have been expecting a changing of the guard at Nexstar and already thought chairman/CEO Perry Sook and CFO/COO Tom Carter would likely head towards retirement in the 2022-23 time frame,” Cahall said in a note Monday. “A transitional period where the current execs remain while the new execs come onboard is ideal in our view, and it looks like that's what's happening with Carter remaining as COO for some interim, transitional period.”

While Gliha is something of an unknown to Nexstar investors, Cahall expects she will get the benefit of the doubt, working for the respected Sook and Carter, who has a good reputation for execution. 

Also Read: Nexstar Reports Higher First-Quarter Net Income

“Both Sook's and Carter's contracts run until '23 so the transitional period was always coming for Nexstar. In the immediate term we expect a continued focus on cash flow generation and deployment, primarily back to shareholders,” Cahall said. “As the guard changes, the next management team will be charged with gradually pivoting the company given longer-term expectations for limited net retrans cash flow growth and a decline of linear viewership. At a 21% [estimated FCF yield for 2021-22], we think Nexstar has ample time and assets to continue its balance of corporate evolution and shareholder-friendly policies.”

Frontier Communications said it has named former Arcosa Inc. executive Scott Beasley as its new chief financial officer, replacing Sheldon Bruha who will leave the company to pursue other opportunities. 

Beasley previously served as CFO of Arcosa, a Dallas-based maker of infrastructure products. He will join Frontier effective June 14 and will report to president and CEO Nick Jeffery.

“The addition of Scott Beasley as our new CFO is an important step in building a world-class leadership team as we transform our business into a modern technology company,” Jeffery said in a press release. “Frontier has a newly strengthened balance sheet and Scott brings considerable experience in corporate finance that will be critical as we invest in building our high-speed Fiber network. Scott is the ideal executive to lead our finance organization as we build Gigabit America."

Frontier named Bruha, who had been serving as interim CFO, as permanent CFO in June 2019. He joined Frontier in 2018 as SVP and Treasurer. Frontier emerged from Chapter 11 bankruptcy protection in April and began trading under a new NASDAQ symbol (FBYR) on May 4. 

“We thank Sheldon Bruha for his significant contributions over the past three years,” Jeffery added in the press release. “Sheldon played a key role in Frontier’s successful emergence from bankruptcy, including leading the Company’s critical balance sheet restructuring. We wish him well in his future endeavors.”

AMC Networks named Christina Spade as executive VP and CFO, effective immediately,  continuing a shakeup in its executive lineup.

Read Also: AMC Puts Severance Costs at $20-25 Million

Spade was previously  CFO for ViacomCBS and succeeds Sean Sullivan, who stepped down as AMC’s CFO in October.

At AMC, Spade will oversee financial operations, investor relations and global technology for the company’s cable networks and streaming services. She reports to CEO Josh Sapan.

Read Also: AMC Puts WE tv, UMC Under GM Brett Dismuke

“Chris is an outstanding leader with a deep understanding of the media business and an impeccable track record driving strong financial and operational results,” said Sapan. “With her significant business transformation experience, Chris will be a strong addition to AMC Networks’ management team as we continue to reshape our company, accelerating our efforts to advance our streaming business while continuing to create the world-class content for which we are known.”

Read Also: AMC Networks Launches Five Vizio SmartCast Channels

According to a filing with the SEC, Spade will receive a minimum annual base salary of $1.15 million and a lump-sum cash bonus of $50,000. She will also be eligible for an annual  bonus worth 150% of her annual base salary and will participate in the company's long-term equity and other incentive programs. Her employment contract expires March 31 2024.

Spade became CFO at ViacomCBS after the the merger of Viacom and CBS. She had been CFO at CBS and CBS’s Showtime Networks unit before that.

"AMC Networks has built a strong portfolio of distinct brands that are synonymous with high quality,” said Spade. “I look forward to the opportunity to work with the AMC Networks team to build on the company’s long track record of innovation and success.”

WarnerMedia said Wednesday (Dec. 2) that it has named Jennifer Biry as chief financial officer, replacing Pascal Desroches, who was named AT&T CFO last month.  She will report to WarnerMedia CEO Jason Kilar. 

Biry is a long-time AT&T executive, and since joining the company in 1999 has held a variety of roles, most recently as CFO of AT&T Communications’ mobility and entertainment organizations. Prior to that position, Biry was SVP of Finance for AT&T’s technology organization.  

“While Jennifer’s extensive experience in successfully managing the financial functions of large, complex businesses is certainly valuable, what is even more relevant in my opinion is her high judgment and razor-sharp insight into WarnerMedia’s biggest challenges and opportunities,” Kilar said in a press release. “Jennifer fully understands and appreciates all that we are doing -- and need to do -- as a team and a business.”

Desroches was named CFO of AT&T in November, after long-time CFO John Stephens said he would retire in March. Desroches will assume his new role in April. 

“I am incredibly excited to join Jason and the extraordinary team at WarnerMedia,” Biry said in a press release. “We have a great responsibility of connecting stories to audiences, and I look forward to working across the organization to drive growth and build value for consumers and partners.”

Cox Media Group appointed Joseph P. (J.P.) Hannan as executive VP and chief financial officer, effective immediately.

Hannan, who held a similar position at AutoWeb for the past two years, has experience in merger and acquisition activity. CMG noted that he has completed $5 billion in M&A financing as CFO and realized $250 million of post-deal operations synergies across 16 transactions.

“We are thrilled to have such an accomplished financial leader like J.P. joining our CMG leadership team,” said CMG CEO Dan York. “J.P. is a seasoned executive with decades of highly diverse, very hands-on operational experience in media as a Chief Financial Officer with companies ranging from start-up and turnaround environments to large scale, publicly traded enterprises. His proven and unmatched expertise will serve us well, as we lead CMG in the next phase of our growth.”

Hannan started his career at Lambert Television. He has also held posts at Cumulus Media and Lincoln Financial Media.

“This is an exciting time to be joining CMG and I am energized by the potential for enhanced growth and value creation given the well-respected and dynamic content, products and people CMG is known for,” said Hannan. “I look forward to working with the team to drive a clear focus on delivering strong results that will help CMG continue to grow and gather momentum as an innovative industry leader that is shaping the future of media.”    

Long-time AT&T chief financial officer John Stephens said Tuesday that he will retire in March. Current WarnerMedia CFO Pascal Desroches has been named to succeed him on April 1. During the transition period Desroches will serve as AT&T senior executive vice president -- finance.  

Stephens was named CFO of AT&T in 2011 -- he joined the company in 1992 as a director-Federal Taxes in St. Louis -- and helped lead the company through its aggressive entrance in the media business, first with the 2015 purchase of DirecTV and culminating with the buy of Time Warner Inc. in 2019. 

“I greatly appreciate John’s outstanding leadership, tireless dedication and many significant contributions to AT&T over the years,” AT&T CEO John Stankey said in a press release. “His financial expertise and strong commitment to our investors, employees and customers have been invaluable as we invested to become a leader in connectivity and content. He has helped us maintain the financial strength and flexibility needed to create long-term value for shareowners. While he won’t be retiring until next spring, I want to take this opportunity to wish John and his family all our best in the years ahead.”

Desroches has served as CFO of WarnerMedia since 2018. Prior to that he was CFO at Turner and global controller at Time Warner Inc. Before he joined Time Warner, Desroches was a partner at KPMG and served as a senior advisor to the chief accountant of the U.S. Securities and Exchange Commission.

“Pascal is an impressive financial executive whose strategic thinking and leadership I’ve seen first-hand at WarnerMedia. His deep and broad experience spans media and telecom, as well as corporate finance, public accounting and regulatory compliance,” Stankey added in the . “I look forward to working closely with him again as we execute on our plans across AT&T to invest in our growth platforms, operate effectively and efficiently, and deliver value to our investors and customers.”

Longtime Hulu CFO Elaine Paul is reportedly moving over to Amazon Studios, where’s she’ll work the same role.

As originally reported in The Information, Paul is leaving Hulu as Disney—the former employer she left Hulu for back in 2103—takes full control over Hulu.

Paul becomes the first C-level Hulu executive to depart the streaming service amid this transition.

Paul worked at Disney for more than 20 years in key strategy and business development roles. She notably helped lead Disney’s initial investments in Hulu.

According to The Information, Paul has already started at Amazon Studios. She’ll report to studio chief Jennifer Salke.

According to The Hollywood Reporter, Doug Hott, who previously led Amazon Studios’ financial decision-making, has left the company. 

Netflix chief financial officer David Wells will resign after 14 years, the subscription video on demand pioneer said Monday.

Wells, who joined Netflix in 2010 and was named CFO in 2014, said he would stay on until the company found a permanent replacement. Netflix said its search will include both internal and external candidates.

"It's been 14 wonderful years at Netflix, and I'm very proud of everything we've accomplished," Wells said in a statement. "After discussing my desire to make a change with Reed [Hastings, Netflix CEO], we agreed that with Netflix's strong financial position and exciting growth plans, this is the right time for us to help identify the next financial leader for the company. Personally, I intend my next chapter to focus more on philanthropy and I like big challenges but I'm not sure yet what that looks like."

Netflix shares dipped slightly on the news. Shares were priced at $343.26 each in early trading, down $2.61. or 0.75% per share)

"David has been a valuable partner to Netflix and to me,” Hastings said in a statement. “He skillfully managed our finances during a phase of dramatic growth that has allowed us to create and bring amazing entertainment to our members all over the world while also delivering outstanding returns to our investors. I look forward to working with him during the transition as we identify a new CFO who will help us continue to pursue our ambitious goals."

Discovery Communications said its chief financial officer Andrew Warren has decided to leave the company, but will remain in his current positon through the end of the year to ensure a seamless transition.

Warren joined Discovery in 2012 after stints at Liz Claiborne and General Electric. Discovery said an internal and external search for his replacement will begin immediately and the company will engage executive search firm Howard Fischer & Associates.

“Discovery is a better company because of Andy Warren and I cannot say enough about his commitment and collaboration over the past many years,” Discovery CEO David Zaslav said in a statement. “Andy has brought a focus on capital allocation and our balance sheet that has helped drive strong organic and free cash flow growth. Under his guidance we have invested in more original content and sports IP, diversified our global businesses and platforms and developed innovative currency and tax management strategies. He has been a valued partner to me and a dedicated leader for our company. On behalf of the entire management team and our Board of Directors, I thank him for his numerous contributions to Discovery’s success and I am pleased he will remain with the company through the end of 2016, ensuring a smooth transition.”

Warren led the financing and the financial integration for the $1.7 billion acquisition of SBS Nordic and the acquisition of Eurosport, and led over $3 billion of USD and Euro debt issuances as well as the company’s successful tax and capital allocation strategy. He also built Discovery’s global finance team; led the upgrade of the company’s technology infrastructure; and oversaw financing for several global agreements focused on IP and content investment, most recently Discovery and Liberty Global’s joint-venture acquisition of All3Media, and Discovery’s deal to acquire the multiplatform rights to the Olympic Games in Europe beginning in 2018.

“I am enormously grateful to David and the company for the opportunities I have had since joining in 2012 and am proud of what we accomplished,” Warren said in a statement. “Discovery has a remarkable management team, unparalleled assets and the unquestionable ability to win through its unique global content position and strategy. I plan to remain a long-term shareholder.  My decision to leave at the end of 2016 was a difficult and personal one, yet I look forward to my next career opportunity.”

Walt Disney Co. chief financial officer Jay Rasulo will step down from the company on June 30, chairman and CEO Robert Iger said in a statement Monday.

Rasulo, who was named Disney CFO in 2010 after a stint as head of its Parks and Resorts division, had been expected to leave after being passed over as Iger’s heir-apparent in February. That was when Disney named Parks and Resorts chairman Tom Staggs chief operating officer, what many consider the stepping stone to the CEO chair. Staggs, former Disney CFO, had switched jobs with Rasulo in 2010 in what many saw as an effort to give both men broader experience in the business as they vied to become Iger’s successor.

Iger signed an extension to his employment contract in October and is expected to remain as chairman and CEO through June 30, 2018.

After Rasulo steps down, the formner CFO will serve in an advisory capacity to Iger to assist in the transition.

“It has been a true honor to work at Disney for these many years, and for a great leader in Bob Iger,” Rasulo said in a statement. “And as I look to the horizon for future endeavors, I am privileged to continue my friendship with Bob and remain as an advisor to him and the Disney team.”

A new chief financial officer will be named at a later date.

“Jay has been a valued colleague and friend, as well as a vital contributor to Disney’s success, particularly in his roles as chief financial officer and chairman of our Parks and Resorts division,” Iger said in a statement. “I look forward to working with him in this new advisory role, where his strategic acumen and savvy insight will continue to benefit the company."

As senior executive vice president and CFO, Rasulo has also been responsible for the operation of recently acquired Maker Studios. As chairman of Disney Parks and Resorts, Rasulo oversaw the launch of a major expansion of Disney’s California Adventure, the opening of Hong Kong Disneyland, the addition of two new cruise ships to Disney Cruise Line, and initial development of the new Shanghai Disney Resort. Before leading Parks and Resorts, Mr. Rasulo was chairman and CEO of Euro Disney; he also served as senior vice president, Corporate Alliances and led Disney Regional Entertainment.  Rasulo joined Disney in 1986 as director, Strategic Planning and Development.

Dish Network said Friday that chief financial officer Robert Olson will retire, effective Oct. 15, and will be replaced by current senior vice president of programming, Steve Swain. Swain will report to CEO Joseph Clayton.

“Robert is as capable and strategic a CFO as I have ever encountered in my 42 years in business,” Clayton said in a statement. “I congratulate Robert on the excellent service he has given DISH over the past five years and for the capable team he has built.”

Swain joined Dish in 2011 as vice president of corporate financial planning and analysis and was named SVP of programming in late April of this year when Dish announced that EVP of programming Dave Shull would take a six-month leave of absence to care for a family member beginning May 31. Prior to Dish, Swain spent more than 15 years in the telecom sector, most recently at CenturyLink, formerly Qwest Communications. There he served in multiple leadership roles across Finance, including corporate financial planning and analysis, treasury, and investor relations, as well as in Network Engineering. He earned his bachelor’s degree in chemical engineering from the University of Wisconsin and his MBA from the University of Chicago.

“Steve has been a star since the day he arrived,” said Clayton. “He has a command of the entire finance organization and, having had the chance to lead our programming group, he is equipped to offer a sound strategic perspective to our entire business.”

Olson joined Dish in 2009 and previously served as CFO at Trane Commercial Systems from 2006 to 2008, Chief Financial Officer at AT&T's Business Services division from 2004 to 2006 and as Chief Financial Officer of its Commercial Services division for a year prior. In addition, Olson spent more than 20 years in leadership roles in finance, marketing, operations and planning, first with ExxonMobil and later with American Airlines.